Intrinsic value of Bonanza Creek Energy - BCEI

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$0.78

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$0.78

 
Intrinsic value

$0.10

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BCEI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -33.45
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  195
  199
  203
  209
  215
  221
  228
  236
  244
  253
  263
  274
  285
  297
  309
  322
  337
  352
  367
  384
  402
  420
  440
  461
  482
  505
  530
  555
  582
  610
  640
Variable operating expenses, $m
 
  815
  834
  855
  879
  906
  935
  967
  1,001
  1,038
  1,078
  1,121
  1,166
  1,215
  1,266
  1,321
  1,379
  1,440
  1,505
  1,573
  1,646
  1,722
  1,802
  1,887
  1,977
  2,071
  2,170
  2,274
  2,384
  2,499
  2,621
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  318
  815
  834
  855
  879
  906
  935
  967
  1,001
  1,038
  1,078
  1,121
  1,166
  1,215
  1,266
  1,321
  1,379
  1,440
  1,505
  1,573
  1,646
  1,722
  1,802
  1,887
  1,977
  2,071
  2,170
  2,274
  2,384
  2,499
  2,621
Operating income, $m
  -123
  -616
  -630
  -646
  -665
  -685
  -707
  -731
  -757
  -785
  -815
  -847
  -882
  -918
  -957
  -999
  -1,042
  -1,089
  -1,138
  -1,189
  -1,244
  -1,302
  -1,363
  -1,427
  -1,494
  -1,565
  -1,640
  -1,719
  -1,802
  -1,889
  -1,981
EBITDA, $m
  -12
  -503
  -514
  -528
  -543
  -559
  -577
  -597
  -618
  -641
  -665
  -692
  -720
  -750
  -781
  -815
  -851
  -889
  -929
  -971
  -1,016
  -1,063
  -1,112
  -1,165
  -1,220
  -1,278
  -1,339
  -1,403
  -1,471
  -1,542
  -1,617
Interest expense (income), $m
  59
  58
  54
  55
  57
  58
  61
  63
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  157
  164
  173
  182
Earnings before tax, $m
  -199
  -674
  -684
  -701
  -721
  -743
  -767
  -794
  -822
  -853
  -886
  -921
  -959
  -999
  -1,041
  -1,086
  -1,134
  -1,185
  -1,239
  -1,295
  -1,355
  -1,418
  -1,485
  -1,555
  -1,629
  -1,707
  -1,789
  -1,876
  -1,966
  -2,062
  -2,163
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -199
  -674
  -684
  -701
  -721
  -743
  -767
  -794
  -822
  -853
  -886
  -921
  -959
  -999
  -1,041
  -1,086
  -1,134
  -1,185
  -1,239
  -1,295
  -1,355
  -1,418
  -1,485
  -1,555
  -1,629
  -1,707
  -1,789
  -1,876
  -1,966
  -2,062
  -2,163

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  81
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,134
  1,075
  1,100
  1,128
  1,160
  1,195
  1,234
  1,276
  1,321
  1,370
  1,423
  1,479
  1,539
  1,603
  1,671
  1,743
  1,819
  1,900
  1,986
  2,076
  2,171
  2,272
  2,378
  2,490
  2,608
  2,732
  2,863
  3,000
  3,145
  3,297
  3,458
Adjusted assets (=assets-cash), $m
  1,053
  1,075
  1,100
  1,128
  1,160
  1,195
  1,234
  1,276
  1,321
  1,370
  1,423
  1,479
  1,539
  1,603
  1,671
  1,743
  1,819
  1,900
  1,986
  2,076
  2,171
  2,272
  2,378
  2,490
  2,608
  2,732
  2,863
  3,000
  3,145
  3,297
  3,458
Revenue / Adjusted assets
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
Average production assets, $m
  788
  803
  822
  843
  866
  893
  922
  953
  987
  1,024
  1,063
  1,105
  1,150
  1,197
  1,248
  1,302
  1,359
  1,419
  1,483
  1,551
  1,622
  1,697
  1,776
  1,860
  1,948
  2,041
  2,139
  2,241
  2,349
  2,463
  2,583
Working capital, $m
  -958
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
Total debt, $m
  985
  838
  860
  885
  914
  946
  980
  1,018
  1,059
  1,103
  1,150
  1,201
  1,255
  1,313
  1,374
  1,439
  1,507
  1,580
  1,657
  1,738
  1,824
  1,915
  2,010
  2,111
  2,217
  2,329
  2,446
  2,570
  2,701
  2,838
  2,982
Total liabilities, $m
  1,115
  968
  990
  1,015
  1,044
  1,076
  1,110
  1,148
  1,189
  1,233
  1,280
  1,331
  1,385
  1,443
  1,504
  1,569
  1,637
  1,710
  1,787
  1,868
  1,954
  2,045
  2,140
  2,241
  2,347
  2,459
  2,576
  2,700
  2,831
  2,968
  3,112
Total equity, $m
  19
  108
  110
  113
  116
  120
  123
  128
  132
  137
  142
  148
  154
  160
  167
  174
  182
  190
  199
  208
  217
  227
  238
  249
  261
  273
  286
  300
  315
  330
  346
Total liabilities and equity, $m
  1,134
  1,076
  1,100
  1,128
  1,160
  1,196
  1,233
  1,276
  1,321
  1,370
  1,422
  1,479
  1,539
  1,603
  1,671
  1,743
  1,819
  1,900
  1,986
  2,076
  2,171
  2,272
  2,378
  2,490
  2,608
  2,732
  2,862
  3,000
  3,146
  3,298
  3,458
Debt-to-equity ratio
  51.842
  7.790
  7.820
  7.850
  7.880
  7.910
  7.950
  7.980
  8.020
  8.050
  8.090
  8.120
  8.160
  8.190
  8.220
  8.250
  8.290
  8.320
  8.350
  8.370
  8.400
  8.430
  8.450
  8.480
  8.500
  8.520
  8.550
  8.570
  8.590
  8.610
  8.620
Adjusted equity ratio
  -0.059
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -199
  -674
  -684
  -701
  -721
  -743
  -767
  -794
  -822
  -853
  -886
  -921
  -959
  -999
  -1,041
  -1,086
  -1,134
  -1,185
  -1,239
  -1,295
  -1,355
  -1,418
  -1,485
  -1,555
  -1,629
  -1,707
  -1,789
  -1,876
  -1,966
  -2,062
  -2,163
Depreciation, amort., depletion, $m
  111
  113
  116
  119
  122
  126
  130
  134
  139
  144
  150
  156
  162
  169
  176
  183
  191
  200
  209
  218
  228
  239
  250
  262
  274
  287
  301
  316
  331
  347
  364
Funds from operations, $m
  59
  -561
  -568
  -583
  -599
  -617
  -638
  -659
  -683
  -709
  -736
  -765
  -797
  -830
  -865
  -903
  -943
  -985
  -1,030
  -1,077
  -1,127
  -1,179
  -1,235
  -1,293
  -1,355
  -1,420
  -1,488
  -1,560
  -1,636
  -1,715
  -1,799
Change in working capital, $m
  44
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
Cash from operations, $m
  15
  -509
  -567
  -581
  -598
  -616
  -636
  -657
  -681
  -706
  -733
  -762
  -794
  -827
  -862
  -899
  -939
  -981
  -1,025
  -1,072
  -1,122
  -1,174
  -1,229
  -1,288
  -1,349
  -1,413
  -1,481
  -1,553
  -1,628
  -1,707
  -1,791
Maintenance CAPEX, $m
  0
  -111
  -113
  -116
  -119
  -122
  -126
  -130
  -134
  -139
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -200
  -209
  -218
  -228
  -239
  -250
  -262
  -274
  -287
  -301
  -316
  -331
  -347
New CAPEX, $m
  -53
  -16
  -18
  -21
  -24
  -26
  -29
  -31
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
Cash from investing activities, $m
  -67
  -127
  -131
  -137
  -143
  -148
  -155
  -161
  -168
  -176
  -183
  -192
  -201
  -210
  -220
  -230
  -240
  -251
  -264
  -276
  -289
  -303
  -318
  -334
  -350
  -367
  -385
  -404
  -424
  -445
  -467
Free cash flow, $m
  -52
  -636
  -698
  -718
  -740
  -764
  -790
  -818
  -849
  -882
  -917
  -954
  -994
  -1,036
  -1,081
  -1,129
  -1,179
  -1,233
  -1,289
  -1,349
  -1,412
  -1,478
  -1,548
  -1,621
  -1,699
  -1,780
  -1,866
  -1,957
  -2,052
  -2,152
  -2,257
Issuance/(repayment) of debt, $m
  113
  -66
  22
  25
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
  61
  65
  69
  73
  77
  81
  86
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
Issuance/(repurchase) of shares, $m
  0
  791
  679
  695
  715
  736
  759
  785
  813
  843
  875
  909
  946
  985
  1,027
  1,071
  1,118
  1,168
  1,221
  1,277
  1,335
  1,397
  1,463
  1,532
  1,605
  1,681
  1,762
  1,847
  1,936
  2,030
  2,129
Cash from financing (excl. dividends), $m  
  112
  725
  701
  720
  744
  768
  794
  823
  854
  887
  922
  960
  1,000
  1,043
  1,088
  1,136
  1,187
  1,241
  1,298
  1,358
  1,421
  1,488
  1,559
  1,633
  1,711
  1,793
  1,880
  1,971
  2,066
  2,167
  2,273
Total cash flow (excl. dividends), $m
  59
  -702
  -676
  -693
  -711
  -732
  -755
  -781
  -808
  -838
  -869
  -904
  -940
  -979
  -1,020
  -1,064
  -1,111
  -1,160
  -1,212
  -1,267
  -1,326
  -1,387
  -1,452
  -1,521
  -1,593
  -1,669
  -1,749
  -1,833
  -1,922
  -2,015
  -2,113
Retained Cash Flow (-), $m
  190
  -89
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
  60.51
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  4.3
  1.0
  0.2
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Bonanza Creek Energy Inc., an independent energy company, engages in the acquisition, exploration, development, and production of onshore oil and associated liquids-rich natural gas in the United States. The company’s oil and liquids weighted assets are located primarily in the Wattenberg Field in Colorado; and the Dorcheat Macedonia Field in southern Arkansas. It also owns and operates oil-producing assets in the North Park Basin in Colorado; and the McKamie Patton Field in Southern Arkansas. Bonanza Creek Energy Inc. was founded in 2010 and is headquartered in Denver, Colorado. On January 4, 2017, Bonanza Creek Energy Inc. along with its affiliates filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.

FINANCIAL RATIOS  of  Bonanza Creek Energy (BCEI)

Valuation Ratios
P/E Ratio -0.2
Price to Sales 0.2
Price to Book 2
Price to Tangible Book
Price to Cash Flow 2.6
Price to Free Cash Flow -1
Growth Rates
Sales Growth Rate -33.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -88.1%
Cap. Spend. - 3 Yr. Gr. Rate -34.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 5184.2%
Interest Coverage -2
Management Effectiveness
Return On Assets -11.7%
Ret/ On Assets - 3 Yr. Avg. -17.4%
Return On Total Capital -19.1%
Ret/ On T. Cap. - 3 Yr. Avg. -24.6%
Return On Equity -174.6%
Return On Equity - 3 Yr. Avg. -109.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 71.3%
Gross Margin - 3 Yr. Avg. 77.3%
EBITDA Margin -14.9%
EBITDA Margin - 3 Yr. Avg. -56.9%
Operating Margin -63.1%
Oper. Margin - 3 Yr. Avg. -127%
Pre-Tax Margin -102.1%
Pre-Tax Margin - 3 Yr. Avg. -135.9%
Net Profit Margin -102.1%
Net Profit Margin - 3 Yr. Avg. -117.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 19.1%
Payout Ratio 0%

BCEI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCEI stock intrinsic value calculation we used $195 million for the last fiscal year's total revenue generated by Bonanza Creek Energy. The default revenue input number comes from 2016 income statement of Bonanza Creek Energy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BCEI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.7%, whose default value for BCEI is calculated based on our internal credit rating of Bonanza Creek Energy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Bonanza Creek Energy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BCEI stock the variable cost ratio is equal to 409.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BCEI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.4% for Bonanza Creek Energy.

Corporate tax rate of 27% is the nominal tax rate for Bonanza Creek Energy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BCEI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BCEI are equal to 403.8%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Bonanza Creek Energy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BCEI is equal to -27.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $19 million for Bonanza Creek Energy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 45.741 million for Bonanza Creek Energy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Bonanza Creek Energy at the current share price and the inputted number of shares is $0.0 billion.


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COMPANY NEWS

▶ US Gasoline Inventories Rose for the Second Time in 10 Weeks   [Apr-27-17 08:58AM  Market Realist]
▶ US Gasoline Inventories Rose for the First Time in 9 Weeks   [Apr-20-17 09:53AM  Market Realist]
▶ Chinas Crude Oil Imports Hit a New Record   [Apr-19-17 07:37AM  Market Realist]
▶ US Gasoline Inventories Fell for 8th Straight Week   [Apr-13-17 08:55AM  Market Realist]
▶ US Gasoline Demand Might Support Crude Oil Bears   [Apr-12-17 07:42AM  Market Realist]
▶ Denver energy company says court approves of its bankruptcy plan   [Apr-10-17 02:20PM  American City Business Journals]
▶ [$$] Bonanza Creek Cleared to Exit Chapter 11 Bankruptcy   [Apr-07-17 12:41PM  The Wall Street Journal]
▶ US Gasoline Demand Is Important for Crude Oil Bulls   [Mar-29-17 07:38AM  Market Realist]
▶ [$$] Bonanza Creek Bankruptcy Plan Hearing Delayed to April   [Mar-10-17 12:15PM  at The Wall Street Journal]
▶ [$$] Bonanza Creek Shareholders Unveil Rival Restructuring Strategy   [Mar-09-17 12:23PM  at The Wall Street Journal]
▶ [$$] Bonanza Creek and Creditors Fight Call for New Leadership   [Mar-08-17 03:09PM  at The Wall Street Journal]
▶ [$$] Bonanza Creek Energy Shareholders Weighing Rival Debt-Repayment Plan   [Feb-15-17 05:08PM  at The Wall Street Journal]
▶ [$$] Bonanza Creek Shareholders Seek Trustee, New Plan   [Feb-06-17 03:48PM  at The Wall Street Journal]
▶ [$$] Avaya Keeps High Yield Default Rate at 4.6%   [Jan-30-17 02:00PM  at The Wall Street Journal]
▶ [$$] Deal Overtures Roil Bonanza Creek Bankruptcy   [Jan-18-17 01:54PM  at The Wall Street Journal]
▶ Colorado energy company files prepackaged bankruptcy plan   [Jan-10-17 10:21AM  at bizjournals.com]
▶ [$$] Bonanza Creek Launches Bankruptcy Turnaround Bid   [Jan-05-17 05:58PM  at The Wall Street Journal]
▶ [$$] Bonanza Creek Energy Files For Bankruptcy   [05:57PM  at The Wall Street Journal]
▶ How Aptevo Therapeutics Inc (APVO) Stacks Up Against Its Peers   [Dec-19-16 11:58PM  at Insider Monkey]
▶ Denver energy company gets listing warning from NYSE   [Dec-05-16 10:30AM  at bizjournals.com]
Stock chart of BCEI Financial statements of BCEI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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